Sheridan Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the accounts receivable control account in the general ledger had a debit balance of 300,300; the accounts payable control account had a credit balance of 83,600. The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July. Sales journal. Total Sales $169,300 Purchase journal Total Purchases $57,000 Cash receipts journal Accounts receivable column total $141,600 Cash payments journal Accounts payable column total $46,700 1. What is the balance of the Accounts Receivable control account after the monthly postings on July 31? 2. What is the balance of the Accounts Payable control account after the monthly postings on July 31? 3. To what account(s) is the column total of $169,300 in the sales journal posted? 4. To what account(s) is the accounts receivable column total of $141,600 in the cash receipts journal posted..

1. Sheridan Company uses both special journals and a general journal as described in this chapter.
On June 30, after all monthly postings had been completed, the accounts receivable control
account in the general ledger had a debit balance of 300,300; the accounts payable control
account had a credit balance of 83,600.
The July transactions recorded in the special journals are summarized below. No entries affecting
accounts receivable and accounts payable were recorded in the general journal for July.
Sales journal. Total Sales $169,300
Purchase journal Total Purchases $57,000
Cash receipts journal Accounts receivable column total $141,600
Cash payments journal Accounts payable column total $46,700
1. What is the balance of the Accounts Receivable control account after the monthly postings on
July 31?
2. What is the balance of the Accounts Payable control account after the monthly postings on
July 31?
3. To what account(s) is the column total of $169,300 in the sales journal posted?
4. To what account(s) is the accounts receivable column total of $141,600 in the cash receipts
journal posted.